EquityPandit’s Outlook for Nifty Energy for the week (June 1, 2020 – June 5, 2020):

NIFTY ENERGY:

NIFTY ENERGY Index closed the week on positive note gaining 596.95 points 4.79%.

Weekly High: 13,117.15

Weekly Low: 12,441.80

Weekly Close: 13,060.50

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 12700 levels, whereas minor resistance on the upside is capped around 13300-13350 levels.

If NIFTY ENERGY index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 12300 and if breaches minor resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 13800.

Currently NIFTY ENERGY index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 12400 on downside and 13700 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 13,548

RESISTANCE 1: 13,304

SUPPORT 1: 12,629

SUPPORT 2: 12,197